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Article 21

United Kingdom

Original text. Later amendments are not shown.

1.

Any amount receivable not repaid on the due date shall bear interest in accordance with paragraphs 2 and 3.

2.

The interest rate for amounts receivable not repaid on the due date shall be the rate applied by the European Central Bank to its principal refinancing operations, as published in the C series of the Official Journal of the European Union, in force on the first calendar day of the month in which the due date falls, increased by:

(a)

seven percentage points where the obligating event is a public supply and service contract;

(b)

three and a half percentage points in all other cases.

3.

Interest shall be calculated from the calendar day following the due date specified in the debit note up to the calendar day on which the debt is repaid in full.

4.

Any partial payments shall first cover the interest determined in accordance with paragraphs 2 and 3.

5.

In the case of fines, where the debtor provides a financial guarantee which is accepted by the accounting officer in lieu of provisional payment, the interest rate applicable from the due date shall be the rate referred to in paragraph 2 increased by only one and a half percentage points.